2012 Fiscal Year Final Research Report
A study of the association between management, analysts,and capital market
| Project/Area Number |
22730360
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Accounting
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| Research Institution | Tokyo Metropolitan University |
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Principal Investigator |
ASANO Takashi 首都大学東京, 社会科学研究科, 准教授 (30329833)
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| Project Period (FY) |
2010 – 2012
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| Keywords | 経営者予想 / アナリスト予想 / 資本市場 / 企業価値評価 / 自発的情報開示 |
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| Research Abstract |
I investigate how the management of Japanese firms makes earnings forecasts, and analysts and the market will react these forecasts. I find
(1) management in Japan makes initial forecasts, taking into account the comparison with earnings in thisyear;
(2) the management prefer conservative initial forecasts, because the market positively reacts the firms which meet or beat management and/or analysts forecasts;
(3) analysts and the market judge the accuracy of management initial forecasts to some extent, but do not react completely.
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